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The proposition of a £50m fine is risible: it is like a Judge in the deep south (and you have to imagine the accent) saying 'Son, I sentence you to 300 years in prison, but you'll be eligible for parole after 150'.

To put the nonsense in perspective the largest fine imposed on a regulated entity is £500k, that is 1% of £50m or 0.2% of the limit for an ABS.

The SRA needs to demonstrate it can regulate effectively not engage in this sort of display of nonsense.

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